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[QUOTE="AlexanderLiteForex, post: 48467, member: 22090"] [b]EURUSD: data from China has weaken the pair[/b] [b] 1. Current trend[/b] This Tuesday pair EURUSD has risen and reached resistance level at 1.3240, but the level hasn’t been overcome. The pair has started downward correction due to the negative statistics on China manufacturing index. Its rate in July is 47,7, which are the worst figures since three years ago. Unfavorable news from Heavenly Empire confirms the fears of investors. Economic recession of one of the world powers can affect USA as well as European countries. Today we anticipate flash manufacturing index of Eurozone and new home sales in USA. [b]2. Support and resistance;[/b] The pair is trading around 1.3200 level. Today we expect the price to go up to 1.3240 and 1.3320. However temporary slide-down to Bollinger Bands MA at 1.3170 is also possible. Then the price can reverse and start to rise. We would recommend to open long positions with Take Profit orders at 1.3320. Short-term sell trades can be opened at 1.3200. [b] 3. Technical indicators[/b] On the four-hour chart Bollinger Bands do not show any important divergence and are directed upwards. Price chart is directed towards MA; it can be a sign of decrease to 1.3170 level. MACD histogram is in overbought zone, its volumes are increasing. Stochastic lines have crossed giving a signal of temporary fall. [img]http://www.liteforex.com/uploads/other/8008968623984117743ca7ff4cc9cec1.png[/img] [i]Dmitriy Zolotov Analyst of LiteForex Group of Companies[/i] [/QUOTE]
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